LAGOS, Nigeria (VOICE OF NAIJA) – Binance CEO Changpeng Zhao described “Binance Nigeria Limited” in a tweet as a “scammer entity” and stated that Binance has issued a cease and desist order to the Nigerian corporation.
Nigeria’s markets regulator ordered Binance to stop operating in the nation earlier this month, claiming that a local subsidiary called “Binance Nigeria Limited” that courted Nigerian investors online was illegal because it was neither registered nor regulated.
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The largest cryptocurrency exchange in the world, Binance, has recently seen a run of setbacks, including declaring plans to exit the Netherlands, Cyprus, Canada, and Australia and being accused by the U.S. Securities and Exchange Commission (SEC).
The SEC filed a lawsuit against Zhao and Binance earlier this month, alleging that the business had fraudulently inflated its trading volumes, misappropriated customer cash, and misled investors about its market monitoring controls. The SEC allegations are refuted by Binance.